MyEtherWallet now supports crypto-to-fiat withdrawal

This week has been one of the most bullish since the beginning of 2019. The icing on the cake being the launch of a crypto-to-fiat withdrawal system on MyEtherWallet. If you think this is groundbreaking, the system has been released without the need for Know Your Customer (KYC). The chief executive officer who is also the founder of MyEtherWallet said in a statement:

“This Exit-to-Fiat gateway is a game changer for cryptocurrency users around the world because it allows people to exchange crypto to fiat without needing to be KYC verified.”

The new development allows the exchange of digital assets like Bitcoin (BTC) and Ethereum (ETH) for Euro (EUR) and/or Swiss Francs. At the moment, users on the platform can transfer up to $5,000 without the need to go through KYC checks. According to MyEtherWallet, the partnership with Bity made it possible to bypass the KYC process by incorporating a technology that verifies wallet ownership.

“We are thrilled to announce a new integration with our long-time partner @bity :A #KYC -less Exit-to-#Fiat gateway that allows MEW users to exchange #Bitcoin or #Ethereum to Swiss Francs or Euros seamlessly inside the wallet,” MyEtherWallet said via a tweet.

MyEtherWallet added:

“Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.”